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NOVATEK secured an LNG supply deal with Chinese Shenergy Group

The Chinese market is one of the key regions in NOVATEK´s LNG marketing strategy.

NOVATEK secured an LNG supply deal with Chinese Shenergy Group

Moscow, February 25 - Neftegaz.RU. NOVATEK Gas & Power Asia Pte. Ltd. and Shenergy Group signed today a long-term LNG Sales and Purchase Agreement (SPA) for the LNG produced from the $21-billion Arctic LNG 2 project.

The SPA stipulates the cumulative supply of more than 3 million tons of LNG for a term of 15 years and will be delivered to LNG terminals in China on a delivered ex-ship (DES) basis.

In the NOVATEK´s LNG marketing strategy the Chinese market is considered as one of the key ones, and therefore the company plans to further increase LNG supplies to the country.
The Arctic LNG-2 project is an important part in the implementation of this strategy.

Leonid Mikhelson, NOVATEK’s Chairman of the Management Board, said:
  • Our LNG commercial strategy is to diversify our client base and target end consumers in the fast-growing Asian Pacific region, and the LNG volumes produced from our Arctic LNG 2 project is core to our long-term objective of delivering affordable, secure and sustainable natural gas for many decades
Arctic LNG 2 envisages constructing 3 LNG liquefaction trains of 6.6 million tons per annum each, as well as cumulative gas condensate production capacity of 1.6 million tons per annum.
The total LNG capacity of the trains will be 19.8 million tons.
NOVATEK owns 60% of the project. France's Total, China´s CNPC and CNOOC, Japan´s Mitsui & Co. and JOGMEC each hold 10% stakes in the project.

Shenergy Company Limited is principally engaged in the supply and distribution of electricity and natural gas.
It is also involved in the sale of fire coals, the company was founded in 1993 and is headquartered in Shanghai.
In 2018, Shenergy Group's LNG operations reached 9 billion m3, accounting for more than 90% of the market share in Shanghai.

To read the news in Russian.

Source : Neftegaz.RU

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